Importers restricted access to purchase dollar at regulated reference rate, Trade Dept notifies

6
In the past four months, exports were valued at US$5.2 billion, while import value hit $5.25 billion, indicating a trade deficit of over $46 million.

Importers are excluded from access to buy hard foreign currency at the regulated reference rate of the Central Bank of Myanmar, Trade Department under the Ministry of Commerce released a notification on 1 August.
Importers involved in cross-border trade with dollar settlement are barred from buying the dollars through Foreign Exchange Supervisory Committee when an import licence is granted.
Pharmaceutical companies can seek import licences if they can purchase the dollars on the over-the-counter market in their own ways, according to a notification released by the Trade Department on 22 July.
Pharmaceutical importing companies must submit a report to the Health Department through Myanmar Pharmaceutical and Medical Device Manufacturer Association to seek import licences. After scrutinizing them, the ministry will forward them to Foreign Exchange Supervisory Committee.
To cut possible delays and ensure decent stocks for consumers, they can also use the black-market dollar for payment instead of buying from formal markets at the regulated reference rate. A letter of commitment signed by a company director has to be submitted to Myanmar Pharmaceutical and Medical Device Manufacturer Association and then, it will proceed to the Foreign Exchange Supervisory Committee. The committee will make a list of those companies that do not buy dollars through official exchanges and send the list to the Trade Department under the Ministry of Commerce so that the department can grant import licences to those companies, without a Delivery Order. However, those entitled companies that can purchase dollars at the reference rate have to go with normal work procedures.
At present, despite the governance on the outflow of foreign exchange, imports surpassed exports in the past four months of the current financial year 2022-2023, the Commerce Ministry’s statistics showed.
In the past four months, exports were valued at US$5.2 billion, while import value hit $5.25 billion, indicating a trade deficit of over $46 million. — NN/GNLM

Share this post
Hot News
Hot News
Organizations from armed struggle line must seek the best solution for ensuring durable peace and stability of the nation through dialogues via NCA
MoI, Indian govt ink pact for Sarsobeikman building project
SAC Secretary attends Mon State Day exhibition, observes Mon traditional entertainment
MoHT Union Minister receives delegation led by Thai firm CEO
MoI Union Minister chairs meeting on formation of Myanmar digital media association
Myanmar, Russia discuss media sector cooperation to strengthen bilateral ties
ASEAN initiates measures to protect children from harmful foods, beverages
2024 matriculation examination continues for social science subject
MoNREC authorizes essential mineral production for cement manufacturing
Seafarers, migrant workers required to pay taxes at CBM rates